Global medical device outsourcing market is expected to reach USD
62.6 billion by 2022, according to a new report by Grand View Research Inc.
Rising price competition and need for reduction of production cost are expected
to serve as the most impact rendering drivers for the medical device
outsourcing market.
Sharp cutbacks in the public spending in major EU
markets and the U.S., are some key issues currently faced by the medical
devices manufacturers. Increasing pressure to enhance profitability in an
attempt to cope with the rapidly maturing medical devices markets and growing
competition is expected to heighten the demand for outsourcing.
The medical device outsourcing market is dynamic
and highly competitive. Over the next seven years, the industry is expected to
witness significant growth owing to steep decline in duration for product
commercialization by companies in order to gain the advantage of being the
first mover.
Product design and development are the most
availed services, thereby making this segment the largest in terms of revenue
in 2014. Expedited commercialization timeframe and faster return on investment
are two of the most significant features associated with this segment.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/medical-device-outsourcing-market
North America medical device outsourcing market share, by service, 2012-2022 (USD Million)
- Class II medical devices are expected to grow at the fastest rate and hold the largest share of the medical devices outsourcing market by 2022. Class II devices include majority of surgical equipment and the rising surgical procedure volume is anticipated to drive the segment growth to about USD 30 billion by 2022
- In the services segment, product implementation is anticipated to be the fastest growing segment over the forecast period, owing to, complete assistance and assurance to the medical device manufacturers in functions such as; environment/unit set up, product manufacturing unit installation, server and database administration, client administration, and others.
- Orthopedic is identified as the most lucrative therapeutic class owing to rising incidences of injuries and spinal/joint disorientations. Also, technological advancement in the field of design of prosthetics may contribute to the segment growth.
- The U.S. is expected to dominate the market throughout the forecast period, owing to factors such as growing surgery volume, rising geriatric population base, and higher healthcare expenditure levels.
- Asia Pacific is predicted to be the fastest growing region during the forecast period owing to, increasing price competition, number of skilled professionals, and rising demand for expedited commercialization timeline.
- Key medical device outsourcing market players include; Daiichi Jitsugyo Co. Ltd., Mitutoyo Corp., Hamilton Company, Cirtec Medical Systems LLC, Kinetic Climax Inc., Creganna Tactx Medical Inc. and Omnica Corp. among others.
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this category @ http://www.grandviewresearch.com/industry/medical-devices
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